France approves takeover of Alstom energy assets by General Electric

The French government on Wednesday authorised the sale of most of Alstom’s energy assets to US group General Electric, clearing the way for a 12.4 billion euro deal reached in June after long and fierce negotiations. Economy Minister Emmanuel Macron “gave his authorisation to General Electric (GE) for the realisation of its investment project in France with Alstom and the creation of an industrial alliance between the two groups in the energy sector,” his ministry said in a statement. The deal still requires regulatory approvals and Alstom shareholders will consider it at a meeting on December 19, the French company said. French government approval of the deal was needed because of a decree this year that gives Paris veto rights over foreign bids for “strategic” French companies, notably those in the energy and transport sectors.